Tuesday, 22 December 2015

Business Mogul, Aliko Dangote Named Africa’s First $20 Billion Man

  Aliko Dangote, president and chief executive of the pan-African conglomerate, Dangote Group has become the first African entrepreneur to lay claim to a $20 billion fortune according to Forbes and in the process has entered into the top tier club of 25 richest men in the world.

A part of the Dangote Group, Dangote Cement is the first Nigerian company to achieve a market capitalization of over $20 billion. Dangote, who hold 93% stake in the cement company, his stake is now valued at $19.5 billion. Earlier this year Dangote Cement’s stock value leaped three- fourths since March.

According to Forbes, the Nigerian billionaire is now richer than Russia’s richest man, Alisher Usmanov, India’s Laxmi Mittaland is head to head with India’s Mukesh Ambani. He is also catching up very fast with American billionaire and founder of Google Larry Page and Sergy Brin.

Dangote started with a very humble beginning over three decades ago when he took a loan from Sanusi Dantata and started his journey by trading in commodities like cement, sugar, flour etc. He made his debut on the Forbes billionaires list in 2008 with a fortune of $3.3. His fortunes took a hit in 2009 when they were reduced to $2.5 and further reduced to $ 2.1 in 2010. He tuned all this after he took Dangote Cement public with his fortune surging 577% in 2011.

Dangote is a clear example of how humble beginnings can go a long way with proper direction, enthusiasm, hard work and a zeal for success. Thus according to Forbes Dangote has retained his number one spot as the richest man of Africa with a net worth of $16.7 billion, followed by South Africa’s diamond merchant Nicky Oppenheimer whose net worth is $6.6 billion.